Lighthouse returns to profit as adviser revenues rise

Its preliminary results for 2014 said the network and national advisory business had revenues of £47m. They stood at £48m in 2013. Average revenue per adviser was up £4,500 (5%) to £86,000. It said the increase represented its “resilience” since the Retail Distribution Review. However, the firm said gross margins were down from 31% in 2013 to 29%. It explained this was offset by a reduction in operating costs of £2.7m - an 18% cut. It said margins were down due to a change in the mix of revenue production within its network division “towards larger member firms trading under lowe...